Respect This Momentum
After a couple of weak closes and a brief pause, the market is en fuego once again. It was all bulls today with great breadth, good point gains and new highs. The convenient explanation for the strength was that this morning's mediocre jobs report was weak enough to keep the Fed "accommodative" but strong enough that the economy doesn't stall completely.
That is as good an explanation as any, but I believe that the strength was more a function of poor positioning and too many folks looking for a top. I'm growing weary of the lopsided action and I was hoping for some resets, but when even the bulls are rooting for pullbacks, you can be sure that the market beast will do its best to frustrate....160 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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